Brazil, Germany, Spain and South Africa sign motion for fairer tax system to deliver £250bn a year extra to fight poverty and climate crisis

• ‘Why we need a global tax on billionaires ’

The world’s 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise £250bn a year for the global fight against poverty, inequality and global heating, ministers from four leading economies have suggested.

In a sign of growing international support for a levy on the super-rich, Brazil, Germany, South Africa and Spain say a 2% tax would reduce inequality and raise much-needed public funds after the economic shocks of the pandemic, the climate crisis and military conflicts in Europe and the Middle East.

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Finance chiefs say higher taxes for the super-rich are key to battling global inequality and climate crisis

• Billionaires should pay minimum 2% wealth tax, say G20 ministers

When the governors of the World Bank and the International Monetary Fund convened for the spring meetings last week, it was all about the really big questions. What can the international community do to accelerate decarbonisation and fight climate change? How can highly indebted countries retain fiscal space to invest in poverty eradication, social services and global public goods? What does the international community need to do to get back on track towards reaching the Sustainable Development Goals (SDGs)? How can multilateral development banks be strengthened to support these ambitions?

There is one issue that makes addressing these global challenges much harder: inequality. While the disparity between the richest and poorest countries has slightly narrowed, the gap remains alarmingly high. Moreover, in the past two decades, we have witnessed a significant increase in inequalities within most countries, with the income gap between the top 10% and the bottom 50% nearly doubling. Looking ahead, current global economic trends pose serious threats to progress towards higher equality.

Svenja Schulze is Germany’s minister for economic cooperation and development; Fernando Haddad is the minister of finance in Brazil; Enoch Godongwana is the minister of finance in South Africa; Carlos Cuerpo is the minister of economy, trade and business and María Jesús Montero the minister of finance in Spain

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Brazilian president Lula’s proposals have the backing of the World Bank. Now we need action

All things considered, the world’s richest countries have emerged from the global pandemic in better shape than they could have imagined when Covid-19 first appeared just over four years ago.

To be sure, the impact of lockdown and its aftermath has been painful, but the effects on poor countries have been far more severe.

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International institutions are gripped by paralysis, Brazil tells meeting, while UK’s David Cameron criticises Russia

Brazil has put the Bermuda triangle of international diplomacy – reform of the United Nations and other multilateral bodies – at the heart of its presidency of the G20, arguing that the war in Gaza and shifts in the economic power balance finally make change possible.

A two-day meeting of G20 foreign ministers in Rio de Janeiro heard a blunt attack by the UK foreign secretary, David Cameron, on the Russian foreign minister, Sergei Lavrov, over the invasion of Ukraine.

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As world leaders gather at Cop28, these charts show how far away the major economies are from their targets

Not a single G20 country has policies in place that are consistent with the Paris agreement’s goal of limiting global heating to 1.5C and meeting their “fair share” of emissions reduction.

The assessment, based on data up to 5 December provided by the Climate Action Tracker , comes as leaders gather in Dubai for the Cop28 conference.

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PM’s crunch meeting with Indian counterpart at G20 hoped to smooth way for free trade deal

Rishi Sunak has insisted a trade deal with India is not guaranteed, as he prepares to meet his Indian counterpart during the G20 summit in Delhi.

The British prime minister will speak to Narendra Modi this weekend at a crunch meeting that could determine the future of a free trade agreement between the two countries, as well as influence India’s approach to Russia.

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British officials hope the UK prime minister’s star status in India will help in negotiations with Narendra Modi

Rishi Sunak has said he is looking forward to a “special” trip to New Delhi, where he believes he will be welcomed as “India’s son-in-law” during his first visit to the country since entering Downing Street.

The prime minister will land in the city on Friday morning ahead of this weekend’s G20 summit – the first time he has been to India since before the Covid-19 pandemic.

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Schools, offices, markets and restaurants have been ordered to close for three days as the city is cleaned up ahead of the arrival of world leaders

The first time that Saroaj Devi heard about the G20 was when tall green walls began to be erected around the slum in Delhi where she lives.

The new barricades, she soon realised, were to hide their impoverished homes from the foreign leaders and dignitaries who will descend on India’s capital this weekend for the G20 leaders’ summit: part of a £100m facelift that has seen Delhi undergo a glossy upgrade, while its poor communities have been removed from sight and several slums razed.

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PM travels to Delhi for G20 summit this weekend and is likely to discuss trade agreement with Narendra Modi

Rishi Sunak is willing to discuss corporate visas as part of a trade negotiation with India, Downing Street officials have indicated, as he flies to Delhi this weekend hoping to lay the groundwork for an agreement later this year.

Sunak lands in Delhi on Friday for the weekend’s G20 summit of world leaders, but will begin his trip with a key meeting with Narendra Modi at which officials say the two prime ministers are likely to discuss the sensitive subject of the prospective trade deal.

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